RISK ON: Everything's Moving Higher

It started with a positive night in China -- with the Shanghai composite gaining 0.7% -- and that's leading to a solid day in Europe (CAC and DAX both up a bit less than 1%). Even Athens is up 0.6%

US futures are all higher at the moment, and commodities, take your pick, are up as well. Oil, which yesterday had touched $95 at one point yesterday, is up to $98.51. Market efficiency, at its finest.